The U.S. economy will embark on the road to recovery once President Barack Obama is voted out of the White House, says billionaire investor and Home Depot co-founder Ken Langone.
"If we change the faces in the White House, we're on the road to recovery," Langone tells CNBC.
"I believe it's that simple: we need leadership, we need cheerleading, we need encouragement," he told CNBC.
"We need businessmen and fat cats to feel like they're doing something good, not that they're villains and not that they're criminals. America's best days are ahead."
The U.S. needs leadership committed to cutting back on spending,
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Langone says, criticizing leaders for allegedly ignoring recommendations made by his deficit watchdog panel headed by Erskine Bowles, former Clinton chief of staff, and former Republican Senator Alan Simpson.
(Associated Press photo)
"The fact of the matter is I think that we aren't even begun the recovery under this president's watch. Unfortunately, this guy is in over his head, in my opinion, big time. We got to have a change in the White House,"
Langone says, adding both sides of the political aisle deserve some blame as well.
"Politicians are like drug addicts around money. They can't stop themselves."
|President Barack Obama
(Getty Images photo)
A congressional supercommittee, made up of six Democrats and six Republicans, failed to come up with ways to cut spending by $1.2 trillion, a task they were given as part of a compromise to raise the government's debt ceiling back in August.
Market watchers have said that continued political impasses in Washington will fuel more volatility on Wall Street and could hamper economic growth, the latter of which appears to be souring.
The government recently revised the country's third-quarter gross domestic product growth rate to 2 percent from 2.5 percent, and economists say spending concerns and political bickering in Washington will continue to weigh down on growth.
"We expect the rate of economic growth to weaken in the current quarter, and the situation may deteriorate further if uncertainty arising from the supercommittee budget discussions and the debt crisis in Europe continue to adversely affect both business and consumer confidence in the U.S. and its major export markets," says Chris Williamson, chief economist at Markit, a British research firm, according to the Los Angeles Times.
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